Ohio Market Watch: Home inspection contingency appears most frequently

By Greg Stitz, Ohio REALTORS Director of Research

Findings from Ohio REALTORS November housing market confidence survey showed that “home inspection” was the contract settlement contingency that respondents encountered most often over the past year. Other contingencies encountered by more than half of respondents are “appraisal” and “obtaining financing.”

contract cntingencies

Survey results are based on responses to a monthly survey, designed to capture the effects of the existing economic conditions and trends on the real estate industry, sent to a pool of 1,500 Ohio REALTORS participants. Click here to participate in future Ohio REALTORS Housing Confidence Surveys.

Tags: Ohio Market Watch, research

Ohio marketplace achieves record-breaking level of home purchase contract signings in November

sale pending sign

By Carl Horst, Ohio REALTORS Director of Publications/Media Relations

Ohio REALTORS reports the number of single-family homes and condominiums put under agreement in November 2017 reached a best-ever level for the month, increasing 1.8 percent from the level posted during the month a year ago.

Ohio’s November Pending Home Sales Index of 183.1, a forward-looking indicator based on contract signings, increased 1.8 percent from November 2016 (179.8). Activity in November rose 0.3 percent from the pace of agreements reached in October 2017 (182.5).

“Across Ohio, consumers are continuing to display a strong interest in making a housing move,” said Ohio REALTORS President Pete Kopf. “The number of homes put under contract in November not only surpassed the best-ever mark for the month, it reached an all-time high for any month.

“The real estate profession is hopeful that we’ll continue to build upon the positive momentum that’s been established moving forward.”

The October 2017 results (182.5) previously served as the best all-time month, since the organization began tracking pending sales in 2008.

Compared to 2008, a historically healthy market that marked the end of five consecutive record years for existing home sales and the onset of the recession, November’s Index score of 183.1 marks an 83.1 percent increase.

A pending sale or a sale “under agreement” is when the buyer and seller agree on terms of the sale of a home and have a signed purchase and sale agreement, but have yet to close and be recorded as such.

Ohio REALTORS, the largest professional trade association in the state with more than 32,000 members, is the only organization that compiles this state wide information from selected Multiple Listing Services each month. The tracking of “pending sales” provides reliable information about where the market is heading in coming months.

Tags: pending home sales, research

Rate of home sales across Ohio reaches an all-time high in November

sold sign

By Carl Horst, Ohio REALTORS Director of Publications/Media Relations

The rate of homes sold across Ohio in November reached a best-ever level, posting a 6.9 percent increase from the prior record-setting level reached during the month a year ago, according to Ohio REALTORS.

“Home sales across Ohio in November were remarkably strong, as sales activity during the month reached an all-time high – besting any month since we began tracking data in 1998,” said Ohio REALTORS President Pete Kopf. “Equally important, the marketplace is continuing to experience a healthy, sustained increase in average pricing.

“Ohio’s REALTOR community is hopeful that we’ll continue to see an uptick in the number of homes being marketed for sale so we can continue to build on the positive momentum that has been established during the first 11 months of the year.”

Sales in November reached a seasonally adjusted annual rate of 160,511, a 6.9 percent increase from the 150,157 level reached during the month a year ago. The market also experienced a 4.3 percent increase in sales from the October 2017 seasonally adjusted annual rate of 153,882.

November’s average home price of $174,689 reflects a 7.7 percent increase from the $162,152 mark posted during the month last year.

The previous all-time best sales month was attained earlier this year when the rate of sales reached 156,096 in March.

Around the state, 11 of the 18 markets tracked reported upswings in average sales price, while the rate of home sales increased in 10 markets compared to November 2016.

Data provided to Ohio REALTORS by Multiple Listing Services includes residential closings for new and existing single-family homes and condominiums/co-ops. Ohio REALTORS, with more than 32,000 members, is the largest professional trade association in Ohio.

Click here to view the seasonally adjusted Ohio home sales report and a market by market analysis of sales activity throughout Ohio and local contact information. To view a market-by-market sales report, click here.

Tags: home sales, research

Ohio Market Watch: REALTORS say fall market activity was brisk

By Greg Stitz, Ohio REALTORS Director of Research

For 37 percent of Ohio REALTORS this fall’s housing market was much more active than usual (8 percent) or somewhat more active than usual (29 percent). The market stayed the same for 30 percent of those responding to Ohio REALTORS November housing market confidence survey and is less active for the remaining one-third of respondents.

fall market activity in Ohio

Survey results are based on responses to a monthly survey, designed to capture the effects of the existing economic conditions and trends on the real estate industry, sent to a pool of 1,500 Ohio REALTORS participants. Click here to participate in future Ohio REALTORS Housing Confidence Surveys.

Tags: Ohio Market Watch, research

Ohio Market Watch: Profession sees upturn in multiple offers

By Greg Stitz, Ohio REALTORS Director of Research

Compared to October 2014, when this question was first asked, 28 percent more respondents have seen multiple offers rise in their area. According to Ohio REALTORS October 2017 housing market confidence survey, 84 percent of respondents have seen multiple offers rise in their area compared to 56 percent in October 2014 and 75 percent in October 2016. This year 13 percent notice no change and 3 percent indicate a decrease in offers.

multiple offers chart

Survey results are based on responses to a monthly survey, designed to capture the effects of the existing economic conditions and trends on the real estate industry, sent to a pool of 1,500 Ohio REALTORS participants. Click here to participate in future Ohio REALTORS Housing Confidence Surveys.

Tags: Ohio Market Watch, research

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